The Blog

Latest housing market figures for Whakatane and BoP – Summer 2019

As Whakatane’s number one property experts, we pride ourselves on keeping up to date with the latest figures and statistics for the housing market, not just here in the Bay of Plenty, but all across New Zealand.

Here are the latest market figures from REINZ – we’ve taken everything in, simplified it, and summarised it in this article for you. So if you’re thinking about buying, selling, or renting property, read this first!

Latest figures for the country

It’s not great news for the market. December’s figures show a drop of almost 13% in the number of properties sold compared to the same time last year, the lowest for 7 years. Auckland fared even worse, with a drop of almost 25% in the nation’s largest city.

But it’s not all doom and gloom. The median house price across the country (excluding Auckland) rose by 6.4%, with the REINZ house price index increasing by 8% compared to last year.

If you live in Auckland, it takes on average 39 days to sell your house, while the rest of the country averages 33.

Bay of Plenty and Whakatane

The Bay of Plenty was the only region to experience a record median price. The median house-price in the region is now $610,000, a 2% increase compared to a year ago ($598,000).

Overall sales dropped by about 7% and it now takes a day longer to sell compared to this time last year (37 days), but the region is still in good order.

These figures don’t tell the whole story though, with Tauranga skewing the stats. Tauranga City saw a record median price of $662,500 beating the record set in May 2018.

The median house price in Whakatane has dropped by a significant 10.2% compared to December 2017, with the price now at $463,000.

Overall, the trend is continuing upward, and once the holiday period comes to an end, it will most likely be business as usual with a healthy and stable market.

Talk to Edge Realty when it comes to your property

With the housing market as volatile and unpredictable as it is, if you’re planning on buying, selling or renting, it’s a good idea to talk to the experts.

With over a decade of providing excellent customer service and unbiased real estate advice, there is simply no one better to help with property sales and rentals in the Whakatane area than us.

Our team offers the very best in personal service and dedication, whether you’re a first-time buyer or own multiple investment properties.

Give us a call today on 07 308 0232, or contact us via email if you would like to ask any questions about what we do or how we do it.

Our friendly and experienced staff will be happy to answer any questions you might have.